The 507 carat Cullinan Heritage – sold for US$35.3mThe 507 carat Cullinan Heritage – sold for US$35.3m

Results For The Year Ended 30 June 2010

20 September 2010

Important Notice

These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation forany offer to buy or subscribe for any securities in the Company nor shall they or any part of them form the basis of or be reliedupon in any manner or for any purpose whatsoever.

These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging inan investment activity and any decision in connection with a purchase of shares in the Company must be made solely on thebasis of the publicly available information. Accordingly, neither the Company nor its directors makes any representation orwarranty in respect of the contents of the Presentation Materialswarranty in respect of the contents of the Presentation Materials.

The information contained in the Presentation Materials is subject to amendment, revision and updating in any way without noticeor liability to any party. The presentation materials contain forward-looking statements which involve risk and uncertainties andactual results and developments may differ materially from those expressed or implied by these statements depending on aactual results and developments may differ materially from those expressed or implied by these statements depending on avariety of factors. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of theinformation or opinions contained herein, which have not been independently verified.

The delivery of these Presentation Materials shall not at any time or in any circumstance create any implication that there hasbeen no adverse change, or any event reasonably likely to involve any adverse change, in the condition (financial or otherwise) ofthe Company since the date of these Presentation Materials.

The Presentation Materials are confidential and being supplied to you for your own information and may not be reproduced,f rther distrib ted passed on or the contents other ise di lged directl or indirectl to an other person (e cept the recipient’sfurther distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (except the recipient’sprofessional advisers) or published, in whole or in part, for any purpose whatsoever. The Presentation Materials may not be usedfor the purpose of an offer or solicitation to subscribe for securities by anyone in any jurisdiction.

2

A Unique Growth Profile

1.4 200

Recovery in rough diamond prices & sale of

Cullinan H it

Major increase due

to higher volume

Gross Production Gross Revenuemillion carats US$ million

1.2160

180Acquisitions of Cullinan

and Willi

Heritagevolume Cullinan mine

0.8

1.0

120

140Acquisition

of Koffiefontein

Williamson

0 4

0.6

60

80

100

Post merger with Crown Di d

Koffiefontein

0.2

0.4

20

40

60 Diamonds –fissure

production

0.0

FY  FY  FY  FY  FY 0

20

FY  FY  FY  FY  FY 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

3

Growth Profile – Delivering Results

80 80 30

US$M US$M US cents

0 2

EBITDA* Profit After Tax EPS

60

70

80

40

60

80

10

20

3070.9

70.222.65

40

50

0

20

40

10

0

10

-89.0

-49.38

20

30

40

-20

0

30

-20

-10

10

0

10

80

-60

-40

50

-40

-30-8.6

-20

-10

-100

-80

-60

-50

FY 2009 FY 2009FY 2009 FY 2010FY 2010 FY 2010

4

FY 2009 results negatively impacted by low diamond prices & impairment of exploration portfolio

* EBITDA disclosures are “adjusted EBITDA”, being stated before recycling of foreign exchange differences on exploration projects, share based expense, foreign exchange gains and losses and asset impairment charges

FY 2010 Highlights

• Increased ownership in Cullinan mine from 37% to 74%

• Fully financed capital expansion plans:

• Raised US$120 million in equity fund raising• Raised US$120 million in equity fund raising

• Agreed new debt facilities of US$78 million with IFC and Rand Merchant Bankwith IFC and Rand Merchant Bank

• Completed acquisition of Kimberley Underground mineUnderground mine

• 507 carat Cullinan Heritage diamond sold for US$35 3 millionUS$35.3 million

• All expansion plans on target to more than double production by FY 2014 and more than p ytreble production by FY 2019

5

FY 2010 Production & Sales

Unit FY 2010 FY 2009 Variance

Gross SalesRevenue US$M 177.7 94.4 +88%Diamonds sold Carats 1,125,098 1,011,707 +11%

Gross ProductionROM diamonds Carats 1 050 874 979 094 +7%ROM diamonds Carats 1,050,874 979,094 +7%Tailings & alluvial diamonds Carats 113,983 120,273 -5%Total diamonds Carats 1,164,856 1,099,367 +6%

Strong revenue growth due to:• recovery in rough diamond pricesy g p• sale of notable ‘specials’• increased Group production

6

Group revenue growth further accentuated due to 100% consolidation of Cullinan from November 2009

FY 2010 Summary Of Results

FY 2010(US$M)

FY 2009(US$M)

Revenue* 163.7 69.3Mining and processing costs (98.9) (64.0)Other direct income 2.4 2.5Profit from mining activity* 67.2 7.8Oth ti i 5 4 3 2Other operating income 5.4 3.2Exploration income/(expense) 1.2 (13.7)Corporate overhead (7.5) (5.9)Deferred taxation on inventory fair value adjustment (7.4) -y j ( )Inventory fair value adjustment* (19.0) -Cullinan fair value adjustment* 31.0 -EBITDA* 70.9 (8.6)I i t (75 3)Impairments - (75.3)Recycling of foreign exchange differences on exploration projects 12.3 -Depreciation & Amortisation (12.8) (14.9)Share based expense (1.7) (2.3)p ( ) ( )Unrealised foreign exchange gain 0.8 13.4Net finance expense (0.5) (6.3)Profit from discontinued operations - 1.6

7

Tax credit 1.2 3.4Net profit/(loss) after tax – Group 70.2 (89.0)* Refer to announcement dated 20 September 2010 for detailed notes

Strong Operating Cashflows

FY 2010(US$ )(US$m)

Group net profit after tax 70.2

Income tax credit (1.2)( )

Profit before taxation 69.0

Adjusted for non cashflow items (10.0)

Cash generated before working capital changes 59.0

Increase in net working capital (6.9)

Cash generated from operations 52 1Cash generated from operations 52.1

Finance expense and taxation (3.3)

Net cash generated from operating activities 48.8g p g

8

Balance Sheet – Cash & Debt Summary

FY 2010(US$M)

FY 2009(US$M)

C h d h i l tCash and cash equivalents:

Bank 34.5 11.1

Diamond inventories (at cost) 18.2 6.5a o d e to es (at cost) 8 6 5

Total¹ 52.7 17.6

Loans, borrowings and deferred consideration:

Al Rajhi convertible loan note nil 20

Al Rajhi loan (coupon 8%) 32.0 43.3

Deferred consideration² to Al Rajhi (re 37% of Cullinan) (coupon 0%) 32.0 n/a

Other loans and borrowings Nil 38.4

Total 64.0 101.7Total 64.0 101.7

Notes: 1 Amounts owing by BEE partners to Petra not taken into account

9

g y p2 IFRS fair value of US$35m deferred consideration due December 2011

THE DIAMOND MARKET

10

Market Fundamentals

• Diamond supply constraints - world’s largest diamond mines are past their peak• Greenfield exploration cut due to downturn and lack of available funds • Strong demand drivers going forward, particularly from BRIC economies• Significant supply / demand deficit expected to emerge in three years• Rio Tinto comment: “supply side issues facing the diamond industry are ‘5x worse’• Rio Tinto comment: supply side issues facing the diamond industry are 5x worse

than those in copper” (Liberum Capital note – 7 Sep 10)

Rising demandSupply Constraints Rising demandSupply ConstraintsWorld Production (MM cts)

160

180

200

80

100

120

140

160

MM

ct

0

20

40

60

2005A 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E

11Source: Alrosa, published in RBC Capital Markets note: July ‘10Source: RBC Capital Markets, September ‘10

2005A 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E

Angola Australia Botswana Canada DRC Namibia Russia South Africa Zimbabwe Other Countries

Diamond PricesPrecious Metals and Diamonds – Jan 2009 = 100

450500

• Rough diamond prices recovered strongly in line with other commodities

200250300350400 other commodities

• Exciting double digit growth in demand continued from China /

50100150200

2002 2003 2004 2005 2006 2007 2008 2009 2010

India – now also coming back from major US market

• FY 2011 tenders already higher

Source WWW Diamond Consultants

Gold Spot Platinum Spot WWW Overall Rough IndexFY 2011 tenders already higher than FY 2010 average prices

Carats sold FY 2011 to date US$/ct

FY2010US$/ct

Cullinan 237,356 110 101 (excl. Cullinan Cu a 3 ,356 0 0 (e c Cu aHeritage)

Koffiefontein 17,007 517 402Kimberley Underground 6,097 250 n/a

12

Kimberley Underground 6,097 250 n/aFissures 17,976 188 185

Demand Growth Mainly Driven By China

• China now world’s second largest economy

• H1 2010: Diamond imports up 92% to US$577m (source: Shanghai Diamond Exchange Administration)

• Increasingly important manufacturing centre (fiscal incentives in place to promote industry)industry)

• Hong Kong now most important high end jewellery auction centre

• Half of couples in eastern seaboard cities now buy diamond engagement rings y g g g(source: De Beers); dramatic opportunity for new growth in 330 ‘tier 2 cities’ (120 have urban populations larger than 1 million)

• Market currently dominated by ‘solitaire’ rings – will see diversification and risingMarket currently dominated by solitaire rings will see diversification and rising diamond content in jewellery as market develops

13

OPERATIONS

14

Expansion Programmes On Track

CULLINAN• Steady growth from underground

WILLIAMSON• 3 year expansion plan now in progress• Steady growth from underground

production• Decline already passed 800m level

• 3 year expansion plan now in progress• Pit-shaping operations underway -

stockpile of 500,000 tonnesO t it t f bi h i ti l t• Capex in line with forecasts

• Major tailings programme on track –ramp up underway

• Opportunity to refurbish existing plant by end FY 2011 – will fast track revenues from project

KOFFIEFONTEIN KIMBERLEY UNDERGROUND• Caving now occurring naturally• Deepening of mine to 580 Level• Tailings operation successfully

• Stockpile of 500,000 tonnes• Production commenced May 2010• New plant experienced commissioning g p y

commissioned• Higher tonnages to positively impact

grades and unit costs in FY 2011

p p gissues – being addressed

• Average value of US$250 / ct (substantially above expectations)

15

g ( y p )

Production – Expansion Plans

Mine Cullinan Williamson Koffiefontein KimberleyyExpected ROM tonnes FY2011 (Mtpa) 2.3 2.1 0.9 0.6

Expansion ROM tonnes 4 0 (FY2019) 10 0 (FY2014) 1 2 (FY2017) 1 0 (FY2012)pa s o O o es(Mtpa) 4.0 (FY2019) 10.0 (FY2014) 1.2 (FY2017) 1.0 (FY2012)

US$ / ROM carat* $105 $200 $480 $250ROM d ( ht)* 50 0 6 0 8 7 18 0ROM grade (cpht)* 50.0 6.0 8.7 18.0Expected Tailings tonnes (Mtpa) 4.0 (FY2015) - 0.5 (FY2011) -

US$ / T ili t* $70 $200US$ / Tailings carat* $70 - $200 - Tailings grade (cpht)* 10.0 - 2.5 - Expansion planExpansion plan• Carats pa* 2,400,000 600,000 117,000 180,000• Revenue pa** >US$235m >US$120m >US$52m >US$45m

16

* Management forecasts (at 2010 money)

Production and Revenue Growth Profile (Gross)600 4

450 3

3002Gross Revenuein 2010 termsCarats 300 2 in 2010 terms

(US$m)(Millions)

150 1

-0FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

17

FY 2010 (Actual)

FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

Cullinan Koffiefontein Kimberley U/G Williamson Fissures Revenue

Production & Revenue Split

Gross ProductionFY 2010: 1.2 million carats

Gross RevenueFY2010: US$178 million

0.1

0.1 0.1

Cullinan

Williamson 22.8

13.5

0 9

Koffiefontein

Fissure Mines

127.0

14.4

0.9

FY 2019: 3.5 million carats FY 2019: US$488 million

0.1 0.2

0.2

Cullinan

Williamson

$

45.1

33.5

2.4

0.6 Koffiefontein

Kimberley Underground

Fissure Mines

237.152.6

ssu e es

18

120.0

INVESTMENT CASE

19

A Unique Diamond Investment

• Major diamond resources:

• 261m carats (gross), 194m carats (attributable)261m carats (gross), 194m carats (attributable)

• Diversified portfolio with seven producing mines

• Substantial growth profile:g p

• Organically grow production to 2.5m+ carats by FY 2014 and 3m+ carats by FY2019

• Strong cash flow generating mines

• Capex programmes fully financed

• Proven track record:

• Delivered against expectations

• Culture to focus on efficiencies – key management priority

• Strong market:

• Strong supply / demand dynamics bode well for rough diamond prices

20

• Average prices for FY 2011 tenders so far higher than FY 2010

The 507 carat Cullinan Heritage – sold for US$35.3mThe 507 carat Cullinan Heritage – sold for US$35.3m

Thank You

Capital Structure

High Quality Shareholder Base 17 Sep 2010

Al Rajhi Holdings W W L 18 1%

Share Price Chart

Al Rajhi Holdings W.W.L. 18.1%

Saad Investments Company Limited 17.3%

JP Morgan Asset Management (UK) Limited 9.3%

Scottish Widows Investment Partnership 6.2%

Capital Group International, Inc. 6.2%

BlackRock Investment (UK) Limited 5.4%

Directors 4.7%

Trading at significant discount to: Target price

Canaccord Genuity 125p

Listing AIM: PDL

Average daily trading volume (shares) year to date

830,000

RBC Capital Markets 120p

Panmure Gordon 100p

(shares) – year to date

Shares in issue 352.8m

Free float 59.9%

22

Ambrian Partners 91p Market cap @ 72p £257m

The Petra Executive Board

Adonis PouroulisChairman

Johan DippenaarCEO

David AberyFinance Director

Jim DavidsonTechnical Director

Successful mining entrepreneur One of South Africa’s most successful diamond

Extensive experience as Chief Financial Officer in South

Acknowledged world authority on kimberlite geology and

Founded Petra Diamonds in 1997 and floated first diamond company on AIM

successful diamond entrepreneurs with 20 years’ experience

Founded diamond group in

Financial Officer in South African and UK business environments

In-depth knowledge of AIM

on kimberlite geology and exploration

Over 20 years’ experience in mine management

Along with fellow directors, built Petra into pan-African diamond group with over 3500 employees

Founded diamond group in 1990 and grew portfolio to 3 producing mines before listing as Crown Diamonds on ASX

In depth knowledge of AIM

Integral to structuring and deliverance of strategic group corporate development,

mine management

Formerly Head of Diamond Exploration for Rio Tinto across Southern Africa

Instrumental in raising funds to help finance and structure early stage mining companies in Africa

Merger with Petra in 2005 –now at helm of AIM’s largest diamond company

including acquisitions and joint ventures As Technical Director of Crown

Diamonds, managed specialist underground fissure mines over a decade

2323

Africa a decade

Diversified Production Portfolio

Williamson

Production

South Africa • Cullinan

• Koffiefontein

• Kimberley Underground

Geographically focused portfolio in stable and low-risk countries

• Fissures

• Helam

• Sedibeng

• Star

24

in stable and low risk countriesTanzania • Williamson

Resource Update

Attributable carat baseTotal carat base

Cullinan 203.3Williamson 40.0

Cullinan 150.5Williamson 30.0

Koffiefontein 5.7Kimberley 7.5Fissures 4.6

Koffiefontein 4.0Kimberley 5.5Fissures 4.5

194 illi t261 million carats 194 million carats261 million carats

25

Mines + Assets + Infrastructure

Petra has acquired four of the world’s important diamond mines

July 2007 July 2008 November 2008 May 2010

CullinanKoffiefontein Williamson Kimberley UG

July 2007 July 2008 November 2008 May 2010

70% Petra30% Re-Teng Diamonds

74% Petra14% Thembinkosi /

12% Employee Share Trust

75% Petra25% Government of United

Republic of Tanzania

74% Petra26% Sedibeng Mining

Petra advantage:

• Right-size operations and treat as core assets• Lower costs and improve efficiencies; empower management teams• Optimise plant processing and security to ensure full spectrum recoveries, incl.

‘specials’

26

specials• Achieve best rough diamond prices through open tender system

Iconic Mines – Writing The History Of Diamonds

The Golden Jubilee755 carats rough,

546 polishedCullinan mine

The Taylor Burton241 carats rough,

69 polished

The Cullinan3,106 carats rough

Largest gem diamond ever discoveredCullinan mine

The Oppenheimer 253.7 carats rough

Perfect yellow diamondDutoitspan Mine, Kimberley U/G

Cullinan mineCullinan mine

The Centenary599 carats rough,

The Blue Heart31 carats polished

The Williamson Pink55 carats rough, 24 carats

The Cullinan Heritage507 carats rough599 carats rough,

274 polishedCullinan mine

31 carats polishedCullinan mine

27

55 carats rough, 24 carats polished; gifted to Princess

Elizabeth on her engagementWilliamson mine

507 carats rough, currently being polished

Cullinan mine

CAPEX Profile2011 2012 2013 2014 2015 2016 2017 2018 2019Fi i l Y 2011 2012 2013 2014 2015 2016 2017 2018 2019

Operation AreaBAW/BB1E/AUCGap FillersAUC SouthC Cut Phase 1

Financial Year

Cullinan

C‐Cut Phase 1ROM Tonnes (Mt) 2.3             2.4           2.4           2.4            2.6           2.6           2.8           3.2           4.0           Tailings Tonnes (Mt) 0.4             1.0           3.0           4.0            4.0           4.0           4.0           4.0           4.0           Expansion Capex (US$m) 35.4           58.9         58.6         24.8          22.2         18.4         19.1         17.7         16.4         Stay‐in‐business Capex (US$m) 7.6             4.9           5.2           5.4            5.5           5.4           5.4           5.5           5.6           Main Opencast PitWilliamson Main Opencast PitROM Tonnes (Mt) 0.9             3.5           5.1           8.0            8.0           8.0           8.0           8.0           8.0           Expansion Capex (US$m) 9.0             28.7         12.0         ‐            ‐           ‐           ‐           ‐           ‐           Stay‐in‐business Capex (US$m) 0.7             1.0           1.5           3.8            3.6           3.4           3.2           3.1           2.9           Current OperationNew Block Cave

Williamson

KoffiefonteinNew Block CaveROM Tonnes (Mt) 0.9             1.0           1.0           1.1            1.1           1.2           1.2           1.2           1.2           Tailings Tonnes (Mt) 0.8             0.7           0.7           0.7            0.6           0.6           0.5           0.5           0.5           Expansion Capex (US$m) 7.2             6.7           5.1           5.3            5.3           7.9           ‐           ‐           ‐           Stay‐in‐business Capex (US$m) 3.3             3.4           3.4           3.4            2.1           2.1           2.1           2.0           2.0           Bultfontein ‐ 845 BCKimberley U/GDutoitspan ‐ 870 BCDutoitspan ‐ NW cornerWesselton ‐ 995 BCROM Tonnes (Mt) 0.6             0.9           1.0           1.0            1.0           1.0           1.0           1.0           1.0           Expansion Capex (US$m) 11.0           6.5           2.7           ‐            ‐           ‐           ‐           ‐           ‐           

y /

Stay‐in‐business Capex (US$m) 1.6             1.8           1.9           1.9            1.8           1.8           1.8           1.8           1.3           ROM Tonnes (Mt) 0.3             0.3           0.3           0.3            0.3           0.3           0.3           0.3           0.3           Tailings Tonnes (Mt) 0.02           0.02         0.02         0.02          0.02         0.02         0.02         0.02         0.02         Expansion Capex (US$m) 1.6             ‐           ‐           ‐            ‐           ‐           ‐           ‐           ‐           Stay‐in‐business Capex (US$m) 1.6             1.7           1.7           1.7            1.7           1.6           1.6           1.6           1.6           

Fissures

28

ROM Tonnes (Mt) 5.0             8.1           9.8           12.7          13.0         13.0         13.3         13.6         14.5         Expansion Capex (US$m) 64.3           100.8      78.4         30.0          27.5         26.3         19.1         17.7         16.4         Stay‐in‐business Capex (US$m) 14.7           12.8         13.7         16.2          14.7         14.4         14.1         13.9         13.4         

1.  Capital expenditure stated in 2010 money terms

Petra Diamonds(Gross)

Cullinan Expansion Programme

Current InfrastructureCurrent Shaft Bottom580 Level

AUC South andBA5

Current Infrastructure

Planned Infrastructure

630m Level

732m Level

AUC South and BAW Phase 1

BA5BB1E

C-CUT

763m Loading Level830m Level

Phase 2

Kimberlite Footprint16 Ha @830Level

950m Shaft BottomC-CUT

1073m Base of Resource

Current face of South Decline

292000 meters

Williamson Expansion Programme

30

Koffiefontein Expansion Programme

31

Kimberley Underground Expansion Programme

32

Country Profiles

South Africa Tanzania

Profile:South Africa is a middle-income, emerging marketwith an abundant supply of natural resources; well-developed financial, legal, communications, energy,

Profile:Tanzania’s robust economy reflects its stable politicalsituation and ensures that it ranks highly in Africa interms of its attractiveness for foreign investment. Thedeveloped financial, legal, communications, energy,

and transport sectors; and modern infrastructuresupporting an efficient distribution of goods to majorurban centres throughout the region.

terms of its attractiveness for foreign investment. Thecountry has enjoyed strong economic growth in recentyears and the outlook is similarly positive, with the IMFforecasting GDP to rise to 6.2% in 2010.

Corporate Tax:28% - capital allowances available to shield Petra

Corporate Tax: 30%

from tax payments at most of its operations for 2010.

Diamond Royalty (came into effect 1 March 2010): Diamond Royalty:Diamond Royalty (came into effect 1 March 2010):Royalty based on a sliding scale depending onprofitability, up to maximum rate of 7%; Petraestimates its average royalty payments to be between3.5% and 5%.

Diamond Royalty: 5%

33

3 5% a d 5%

The 507 carat Cullinan Heritage – sold for US$35.3mThe 507 carat Cullinan Heritage – sold for US$35.3m

Petra DiamondsCathy Roberts

cathyr@petradiamonds comcathyr@petradiamonds.com+44 20 7318 0452

www.petradiamonds.com